WEX (NYSE:WEX) Rating Increased to Buy at Bank of America

Key Points

• WEX's stock rating was upgraded from "neutral" to "buy" by Bank of America, with a price target of $178.00, indicating a potential upside of 14.80% from its current price.
• Several analysts have recently revised their price targets for WEX, with Mizuho setting a target of $185.00 and Robert W. Baird raising it to $210.00, demonstrating increased confidence in the stock.
• Institutional investors continue to show strong interest in WEX, with 97.47% of the company’s stock now held by hedge funds and other entities, indicating robust support from the investment community.

WEX (NYSE:WEX - Get Free Report) was upgraded by Bank of America from a "neutral" rating to a "buy" rating in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a $178.00 price target on the business services provider's stock. Bank of America's price target indicates a potential upside of 14.80% from the company's current price.

Several other equities analysts have also issued reports on WEX. Deutsche Bank Aktiengesellschaft assumed coverage on shares of WEX in a report on Thursday, July 17th. They issued a "hold" rating and a $150.00 price target on the stock. Mizuho lifted their price target on shares of WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Morgan Stanley lifted their price target on shares of WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. UBS Group raised their price target on shares of WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Robert W. Baird raised their price target on shares of WEX from $198.00 to $210.00 and gave the stock an "outperform" rating in a report on Wednesday, October 1st. Four investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $173.91.

WEX Price Performance

NYSE WEX opened at $155.05 on Wednesday. The firm's fifty day simple moving average is $164.74 and its two-hundred day simple moving average is $150.10. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. WEX has a 12-month low of $110.45 and a 12-month high of $214.30. The firm has a market capitalization of $5.31 billion, a P/E ratio of 19.60, a P/E/G ratio of 1.34 and a beta of 1.26.

Insider Buying and Selling at WEX

In related news, COO Carlos Carriedo sold 875 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $171.68, for a total transaction of $150,220.00. Following the completion of the transaction, the chief operating officer owned 5,270 shares of the company's stock, valued at $904,753.60. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ann Elena Drew sold 1,931 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $171.69, for a total transaction of $331,533.39. Following the transaction, the insider directly owned 7,295 shares of the company's stock, valued at approximately $1,252,478.55. This trade represents a 20.93% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.

Institutional Trading of WEX

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WEX. GAMMA Investing LLC grew its position in WEX by 78.1% during the first quarter. GAMMA Investing LLC now owns 440 shares of the business services provider's stock valued at $69,000 after buying an additional 193 shares during the period. SG Americas Securities LLC acquired a new stake in WEX during the first quarter valued at $279,000. Oppenheimer Asset Management Inc. grew its position in WEX by 10.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 15,264 shares of the business services provider's stock valued at $2,397,000 after buying an additional 1,480 shares during the period. Lecap Asset Management Ltd. acquired a new stake in WEX during the first quarter valued at $1,327,000. Finally, Palisade Capital Management LP grew its position in WEX by 54.3% during the first quarter. Palisade Capital Management LP now owns 8,205 shares of the business services provider's stock valued at $1,288,000 after buying an additional 2,888 shares during the period. Institutional investors and hedge funds own 97.47% of the company's stock.

WEX Company Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.

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